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The Paris Prosecutor’s office said on Tuesday that it was opening a preliminary investigation into French Budget Minister Jerome Cahuzac over allegations that he had an undisclosed bank account in Switzerland.

The prosecutor’s office said that given the sensitivity of the allegations, which Cahuzac denies, and the time it would take to investigate them, it had no option but to open an inquiry immediately.

“The Paris prosecutor has as a result decided to open a preliminary investigation for tax fraud,” it said in a statement.